Margamas to sell shares

JAKARTA (JP): A property company, PT Margamas Griya Realty, plans to sell about 30 million new shares or about 30 percent of its enlarged capital at the beginning of 1998 to raise funds to develop its projects.

The company's chief executive officer, Tjundoko, was quoted yesterday by the Business Indonesia daily as saying the company would use the share issuance funds to expand its superblock in Surabaya, East Java, and to build a hotel in Pandeglang, West Java.

He said the 8-year-old company, now holding total assets of Rp 170 billion (US$69.72 million), had made a profit over the last few years but he refused to give further details. (13)